The Federal High Court in Abuja has authorized the Economic and Financial Crimes Commission (EFCC) to arrest and detain six promoters of Crypto Bridge Exchange (CBEX) accused of orchestrating an investment fraud scheme exceeding $1 billion.
Justice Emeka Nwite issued the order on Thursday following an ex-parte motion by EFCC counsel Fadila Yusuf. The court approved the issuance of arrest warrants and the detention of the suspects—Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim—pending the completion of the investigation and potential prosecution.
“I have listened to the submission of the learned counsel for the applicant, EFCC, and reviewed the affidavit evidence. The application is meritorious and is granted as prayed,” Justice Nwite ruled.
Yusuf’s motion, filed on April 23, outlined the EFCC’s statutory duty to investigate financial crimes, citing intelligence received in April 2025 about the defendants’ alleged involvement in an investment scam through their company, ST Technologies International Limited, operating under CBEX. The EFCC’s Cybercrimes Section is handling the investigation, which has established a prima facie case of fraud.
The agency argued that the suspects are at large, necessitating arrest warrants to place them on a red watch list for tracing and apprehension. The court’s approval allows the EFCC to detain the defendants until the investigation concludes, ensuring they answer to the allegations in the interest of justice.
